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20121216
20121216
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at very low interest rates. substitute the words the united states and greece, and china to germany and you have a world scale, the problem in the united states. the problem in the whole world. but let me just, following those comments, you know, you've got a single moment. [inaudible] decided to they want more unity or less. because the euro cannot survive unless they have more sense of some kind of central control. more sense of discipline before the crisis. which means some kind of limits on fiscal policy, but one thing, but it goes on fiscal policy. spain had a pretty good fiscal policy. they kept borrowing money to build houses. so we've got to have some kind of oversight of economic policy as part of the price of being in the union. they wanted -- [inaudible] monetary union without the economic union. doesn't work. so the proposals are out there, and i think they basically want to move towards more economic union. a lot of debate, a lot of reluctance. i think they're going to do in the end but this is something you can do overnight. but the fact they're willing to look at is a
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